Sustainability is not the first feature which jumps to mind when mentioning blockchain. Many of us are having knowledge of the stories of the vast bitcoin mining farms using the combined electricity per month of countries the size of Denmark.
This is where bitcoin and blockchain have become combined together in the minds of many, but is where differences should be drawn. Sustainability is found in energy savings and also having the capacity to drive the business process effectively, efficiently and transparency across industries which makes sure better use of resources and makes the value. Blockchain and DLT, known as distributed ledger technologies, are the most powerful drivers for the sustainability of technology development.
Supply chains are the best sample of how goods and payments cross landscapes without monitoring. Blockchain helps to track the provenance of goods and services across that landscape in an automated fashion which allows the data to be exchanged. This will make sure that where inconsistencies could slip in, and this can be avoided with blockchain technologies.
By taking the pharmaceutical industry as an example, blockchain can be used to record the movement of medications and drugs. In the case of drugs used illicitly, then this has huge suggestions for public health, which is particularly when you consider the impact of the opiate crisis in the USA. Every drug packet can be traced at all times.
Blockchain and its applications have likely to achieve a seismic shift in transparency across the digital world. Property and real estate is another area which can get advantage from making a public ledger for ownership and transfer. Therefore, improving identity management and making sure of authentic historical records. There is a move towards blockchain being used in the financial services across disciplines which are an integral part of a product offering to make sure that clients are getting advantages from transparency from the outset.
Cryptocurrencies will fall into a line and become more sustainable. New DLT like Hedera Hashgraph is showing that some of the bitcoin’s major limitations like a low volume of transactions and high energy consumptions could be overcome. And cryptocurrency adoption goes mainstream. This will drive another wave of unparalleled order across the economy.